Entrepreneurship and Business Terminology

These flashcards cover key vocabulary terms and their definitions related to entrepreneurship and business concepts.

Profit

Money which is earned after paying the costs of producing and selling goods and services.

Turnover

The total amount of money received from sales of goods and services.

Assets

Something valuable belonging to an organisation, which can be used for the payment of debts.

Liability

Debt or obligation of a company.

Tax

Money paid to the government based on income or profits.

Cost

The money you need to spend to keep an organisation functioning.

Interest rate

The amount a bank charges on money that it lends.

Borrow

To take and use (money) from a bank or person with the intention of paying it back.

Launch

To initiate, start, or release a company or project.

Cover

To manage or pay for overhead costs.

Write

To create a business plan or develop written documents.

Repay

To pay back money that was borrowed.

Account for

To explain the reason for something or the cause of something.

Differ

To be not like something or someone else.

Focus

To give full attention to something.

Succeed in

To achieve something that you have been trying to do or get.

Entrepreneur

A person who starts a business for profit.

Startup

A newly established business.

Investor

A person that puts money into a project or business with the hope of receiving profit.

Accelerator

An organization or project that promotes or supports the fast growth of small businesses.

Patents

Authorization granted to an inventor that prevents others from making, using, or selling their invention.

Trademark

A symbol, word, or phrase officially registered for a company.

Market share

The percentage of total sales in an industry generated by a particular company.